subject: Marrying into debt. How does this affect you ? [print this page] Marrying into debtMarrying into debt. How does this affect you ?
Not everyone has a perfect credit score. Not everyone can marry someone with perfect credit. If you are about to marry someone who is heavily in debt; has bad credit due to bankruptcy or perhaps has a home that has gone into forclosure, can this affect you and your new marriage ?
It may or may not.
What if your new spouse owes quite a bit of money in back taxes or came into the new marriage with a lawsuit hanging over their head. This could affect your relationship in many ways. If only one person is working or if both of you are retired, there may not be that much income to start with. While debts may not directly belong to the new spouse, the burden put upon a relationship caused by past debts can be great. Some relationships do not survive and can actually fail right from the start.
Some states are community property states, while others are not. In a community property state, a spouse might find themselves brought along in a lawsuit if there is a lien on a property or back taxes owed. It is always best to consult an attorney prior to setting a wedding date and perhaps keeping finances separate.
What if you plan on buying a home together but one partner is heavily in debt while the other is not ? You didn't discuss your finances prior to marriage. This could be a bad deal. It doesn't matter how much the person loves you, it's obvious they can't manage money very well or their life for that matter! Why would you want someone to drag their past into your future ? Tell them to clean up their act and then you can get married!
What will happen if you marry someone who is irresponsible financially ? How will you be able to manage your money together? How will you set goals and keep them ? When you marry someone that you feel has their life together and then you later find out they don't, this can change the dynamics in the relationship when the other person is suddenly receiving letters from companies threatening to sue them. What if your partner already owned a home and you didn't know the home was going into foreclosure ? Or that it had a lien against the home ? After you are married, you find out there is a lawsuit pending and your entire life is being torn apart or disrupted because your partner failed to tell you about it prior to being married.
Knowing ahead of time, what the finances are of someone you are about to marry is very important. It is always better to be safe than sorry.Know what your credit rating is before you get married and know what your partner's credit rating is, as well. Ask questions. Be smart with your money and your marriage will go a long way!
